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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (28,086) $ (11,591)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities    
Depreciation and amortization 4,890 4,308
Amortization of debt issuance costs 430 353
Amortization of postcombination compensation 352 0
Provision for income taxes 2,894 0
Equity in loss of affiliate 130 219
Amortization of operating right-of-use assets [1] 4,330 4,309
Changes in fair value adjustments of warrants and derivative liabilities (2,888) 5,066
Equity-based compensation 11,400 0
Loss (gain) on sale and abandonment of property and equipment 760 (2)
Bargain purchase gain on acquisition of physician practice (1,040) 0
Deferred taxes (324) 0
Changes in operating assets and liabilities, net of business combinations:    
Patient accounts receivable, net 3,730 (9,061)
Inventories [2] (7,239) (5,410)
Prepaid expenses and other current assets (3,713) (728)
Other receivables (23,346) (4,728)
Other assets (4,948) (2,430)
Accounts payable [3] 60,964 15,673
Accrued compensation related costs 2,944 2,710
Accrued other (2,972) 1,199
Operating lease liabilities [4] (4,467) (3,784)
Other long-term liabilities (2,590) 1,626
Net cash provided by (used in) operating activities 11,210 (2,271)
Cash flows from investing activities    
Purchases of property and equipment and intangible assets (8,176) (6,899)
Proceeds from disposals of property and equipment 141 5
Acquisition of physician practices, net of cash acquired (6,712) 0
Purchases of marketable securities (17,710) (2,280)
Proceeds from sales of marketable securities 31,961 2,235
Collections on notes receivable - related parties 305 630
Net cash used in investing activities (191) (6,309)
Cash flows from financing activities    
Issuance of redeemable convertible Class C Units 0 64,996
Class A and A-1 preferred returns 0 (8,174)
Repayments on debt (1,521) 0
Contribution from noncontrolling interest 0 134
Repurchases of Class A Common Stock (368) 0
Payment of tax withholding obligation on net RSU settlement (3,258) 0
Tax distributions 0 (260)
Repayments on finance lease liabilities (593) (233)
Cash paid for debt financing costs 0 (446)
Cash paid for offering costs on Class C issuance 0 (750)
Cash paid for offering costs on business combination 0 (905)
Net cash (used in) provided by financing activities (5,740) 54,362
Net increase in cash and cash equivalents 5,279 45,782
Beginning of period 28,539 26,926
End of period 33,818 72,708
Supplemental noncash investing and financing activities    
Right-of-use assets and lease liabilities removed in termination of lease 0 1,023
Promissory note issued in connection with acquisition of physician practices (6,550) 0
Promissory note issued in connection with asset acquisition (1,420) 0
Changes in accounts payable for capital additions to property and equipment (581) 0
Noncash consideration paid by assumption of note for purchase of physician practice  
Contribution from noncontrolling interest (380) 0
Derivative liability on issuance of Class C Units 0 1,349
Derivative liability on Class A-1 anti-dilution feature $ 0 $ 2,540
[1] Includes related party amortization of operating right-of-use assets of $1,053 and $1,062 for the six months ended June 30, 2024 and 2023, respectively.
[2] Includes changes in related party balances of ($9,225) and $(5,140) for the six months ended June 30, 2024 and 2023, respectively.
[3] Includes changes in related party balances of $57,603 and $15,718 for the six months ended June 30, 2024 and 2023, respectively.
[4] Includes changes in related party balances of ($1,313) and ($1,303) for the six months ended June 30, 2024 and 2023, respectively.